Wednesday, May 4 2005 16:03 Hrs (IST) - World Time -

Thiruvananthapuram: Making a major stride in Information Technology development in Kerala, the United Democratic Front (UDF) Government today (May 4, 2005) approved the Rs 1500-crore Kochi Smart City project sponsored by the Dubai Internet City (DIC), targeting to create 33,300 jobs in 10 years.

The MOU for the project with the overseas facilitator would be signed after the Law and Finance department finalises the draft, Chief Minister Oommen Chandy said after a Cabinet meeting.

The deal was clinched in the final round of talks the state team led by Chief Secretary Palat Mohandas held with the DIC authorities in Kochi last week.

As per the agreement, the State would have nine per cent equity in the project in turn for part of the land to be acquired and provided for the facility, he said. The project would be taken up on about 300 acres of land. Of this, 62.27 acre of land, now encompassing the Kochi Infopark, would be handed over to the DIC at a price of Rs 109 crore.

An additional 136 acres of land would be acquired and made available for the project at a price of Rs 36 crore. In addition to this, 100 acres of land would be made available free of cost to the facilitator.